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Los Angeles MultiFamily MarketView Q3 2017

The Los Angeles multifamily market (Los Angeles and Ventura Counties) remains healthy, with high levels of demand and a tightening vacancy rate of 3.7% in Q3 2017, the lowest since 2007. Los Angeles was one of the leading markets for net absorption for the year ending in Q3 with 9,178 units (compared with 5,053 units during the same time last year), outpacing new supply of 6,438 deliveries over the same time period, and pushing the vacancy rate to a post-recession low. Consequently, rents climbed to record highs albeit at an increasingly moderated pace. Demand for investment in multifamily properties was impressive as acquisitions are on pace for a record year and cap rates are at nationwide-lows.